Things that Affect Your Aid
Things That Can Affect Your Aid
Changes in your enrollment may affect your financial aid eligibility
If you are planning to receive financial aid, it is important to understand that your enrollment hours and academic performance must remain at a certain level to continue to receive full benefits. Please read through the following sections carefully to make sure you understand your eligibility requirements.
The eligibility presented on your Award Letter is based on full-time enrollment, unless otherwise indicated on your award letter. If your enrollment hours are different than the hours of enrollment presented on your Award Letter or if they change during the term, your eligibility for your awards will most likely also change.
Standards of Academic Progress (SAP) for Financial Aid
In order to comply with federal regulations under Section 668.16 (e), Franklin University has established standards for measuring satisfactory academic progress for students receiving Title IV assistance. These standards contain both qualitative and quantitative components. Financial Aid Standards of Progress are grouped into two categories:
Study Skills Evaluation
If you are referred by Financial Aid for a Study Skills Evaluation, please contact the Student Learning Center at 614.947.6800 or through email at email@example.com. You will be provided with the necessary information to complete the study skills assessment.
Financial Aid Consequences
Students receiving any type of financial aid or veterans benefits may lose part or all of such assistance if they stop attending or withdraw from one or more courses in any one trimester. Any overaward that results from withdrawing or nonattendance must be repaid before further financial assistance may be received. In considering whether or not to withdraw from or stop attending a course, students receiving financial aid or veterans benefits should first consult with the Financial Aid office.
For additional information about tuition refunds, please click here.
Franklin University Return of Title IV Funds Policy
Due to federal regulations, students who receive federal financial aid and completely or partially withdraw during a trimester will be subject to a recalculation of funds awarded. The outcome of the recalculation is dependent on when the withdrawal is initiated and the type of aid received.
Franklin University is required to review a student’s account and recalculate financial aid eligibility in the following situations:
- A student completely withdraws from all classes during the trimester, or;
- A student never attends any classes during the trimester, or;
- A student does not complete all modules for which he/she has registered during the trimester
Important Note: If you have a credit balance on your account at the time one of these situations occur, all refunds will be held until the recalculation review has been completed.
What is the law?
Per section 668.22 if the Code of Federal Regulations, Title IV federal financial aid eligibility will be reviewed and considered for recalculation when a student withdraws from any of his or her classes within a term that is comprised of modules.
After the recalculation is completed funds will be sent back to the appropriate Title IV agency in the following order: Unsubsidized Federal Direct Stafford Loans, Subsidized Federal Direct Stafford Loans, Federal PLUS Loans, Federal Pell Grant, Federal SEO Grant, Federal IAS Grant and other grant or loan assistance authorized by Title IV. Federal Work Study funds are not included in the calculation.
What is a withdrawal?
It is important to become familiar with the University’s Attendance & Tuition Refund Policy in the Academic Bulletin. The Financial Aid office is responsible for reporting in the calculation the last date of attendance as determined by the institution from its attendance records (§668.22(b)(1)).
PLEASE NOTE: A withdrawal from all or any of your courses could result in a negative effect on your Satisfactory Academic Progress. Please view the section on Standards of Academic Progress (SAP) for Financial Aid located on this page.
Confirmation of future enrollment will prevent the recalculation process to be initiated. If a student decides that dropping a single course during the term is necessary, but expects on completing all subsequent module courses during the same trimester, they will be given the option to confirm that intention at the time of withdrawal. Without a documented confirmation by the student Franklin University will assume that the student has ceased attendance and will begin the Return of Title IV funds process.
If you never attend or cease attendance in a class and receive a Z grade, your financial aid will be reviewed resulting in either full or partial cancelation of federal funds. If there is any combination of dropped/withdrawn courses, Z grades or No Shows received that result in zero hours of enrollment for a term, your file will be reviewed in conjunction with the Return of Title IV funds calculation procedures.
How is my account affected?
The federal recalculation of aid is determined on a pro-rated basis, taking into consideration the actual number of days that a student is in attendance. You will not be required to return any portion of your federal financial aid if you complete at least 60% of the term (as determined by your last date of attendance reported by your instructor(s)). State regulations and scholarship criteria differ from federal requirements, therefore those funds will be reviewed separately.
Once the recalculation is completed you will receive notification of any action to your account. If the recalculation indicates that you are eligible for a Post Withdrawal Disbursement (PWD) in the form of loan funds, you are required to submit the requested documentation within 14 days from the date of the notice or funds will not be disbursed to your account. Eligible grant funds from a PWD will automatically disburse to your Franklin University account and either be refunded to you or will pay on any remaining balance owed to the University.
If the calculation indicates that you will owe funds back, the Financial Aid office will return the funds to the appropriate Title IV program and you will then owe any difference as reported on your account. If you fail to repay any outstanding balance owed to the University you will not be permitted to register for any future terms and may also be subject to being dropped from current courses.
Return of Title IV Funds Calculation Example - this example is not indicative of every situation. Each Return of Title IV Funds Calculation determination is dependent on individual student circumstances.
Failure to disclose information regarding external sources of assistance with paying your tuition prior to receiving your financial aid could cause an adjustment to your financial aid later. You may have to pay back a portion of the funds you received.
If you expect to receive any outside assistance, complete the appropriate year Declaration of Outside Tuition Assistance Form located on our Financial Aid Forms page.
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